Meaning
To miss the boat / To drop the ball
Example
Dormiu no ponto e perdeu a vaga de emprego para outro candidato.
He missed the boat and lost the job position to another candidate.
Origin
The picture behind dormir no ponto is of someone who literally falls asleep at the very spot where they should be alert — like a passenger dozing at the bus stop (ponto) and letting the bus pull away without them. The decisive moment comes and goes while you are not paying attention.
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity